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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the fiscal year ended
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December 28, 2019
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OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the transition period from to
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Delaware
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94-1692300
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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2485 Augustine Drive
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Santa Clara,
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California
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95054
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(Address of principal executive offices)
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(Zip Code)
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(Title of each class)
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(Trading symbol)
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(Name of each exchange on which registered)
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Common Stock, $0.01 par value per share
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AMD
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The NASDAQ Global Select Market
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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☐
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Emerging growth company
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☐
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ITEM 1A.
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RISK FACTORS
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
Base Period
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Years Ending
|
|||||||||
Company / Index
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12/27/2014
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12/26/2015
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12/31/2016
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12/30/2017
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12/29/2018
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12/28/2019
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|||||
Advanced Micro Devices, Inc.
|
100
|
110.19
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427.92
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387.92
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672.45
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1,742.64
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S&P 500 Index
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100
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100.77
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111.92
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136.35
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129.26
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171.64
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S&P 500 Semiconductors Index
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100
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100.47
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126.23
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172.07
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160.39
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237.49
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2019(1)
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2018(1)
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2017(1)(2)
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2016(1)(2)
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2015(1)
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||||||||||
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In millions except per share amounts
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||||||||||||||||||
Net revenue
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$
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6,731
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$
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6,475
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$
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5,253
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$
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4,319
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$
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3,991
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Net income (loss) (3)(4)
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$
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341
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$
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337
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$
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(33
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)
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$
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(498
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)
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$
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(660
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)
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Earnings (loss) per share
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||||||||||
Basic
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$
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0.31
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$
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0.34
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$
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(0.03
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)
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|
$
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(0.60
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)
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|
$
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(0.84
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)
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Diluted
|
$
|
0.30
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|
$
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0.32
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$
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(0.03
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)
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|
$
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(0.60
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)
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|
$
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(0.84
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)
|
Shares used in per share calculation
|
|
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||||||||||
Basic
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1,091
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|
982
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952
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835
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783
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|||||
Diluted
|
1,120
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1,064
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952
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|
835
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783
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|||||
Long-term debt, net and other long-term liabilities (5)
|
$
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643
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$
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1,306
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$
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1,443
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$
|
1,559
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$
|
2,093
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Total assets
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$
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6,028
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|
$
|
4,556
|
|
|
$
|
3,552
|
|
|
$
|
3,328
|
|
|
$
|
3,084
|
|
(1)
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2019, 2018, 2017, and 2015 each consisted of 52 weeks, whereas 2016 consisted of 53 weeks.
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(2)
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2017 and 2016 amounts adjusted to reflect the retrospective application of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers.
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(3)
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In 2016, we recorded a charge of $340 million in Cost of sales, consisting of the $240 million value of the warrant under a warrant agreement and the $100 million payment, which were both associated with the sixth amendment to the WSA. In addition, we recorded a cumulative pre-tax gain of $146 million on the sale of our 85% equity interest in the ATMP JV.
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(4)
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In 2015, we implemented restructuring plans and incurred net charges of $53 million, which primarily consisted of severance and related employee benefits. In addition, we exited the dense server systems business, formerly Sea Micro, Inc., resulting in a charge of $76 million in restructuring and other special charges, net. Also, we recorded an inventory write-down of $65 million, which was primarily the result of lower anticipated demand for older-generation APUs, and a technology node transition charge of $33 million.
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(5)
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In 2019, we reduced our long-term debt, net and other long term liabilities by $663 million, primarily due to $628 million of net debt conversion and repayment. In 2016, we reduced our long-term debt, net and other long term liabilities by $534 million, primarily due to $1,048 million of net debt repayment, partially offset by the issuance of $805 million in principal amount of 2.125% Notes net of unamortized discount of $308 million and unamortized issuance cost of $14 million.
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ITEM 7.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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2019
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2018
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2017
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||||||
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(In millions)
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||||||||||
Net revenue:
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||||||
Computing and Graphics
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$
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4,709
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$
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4,125
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$
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2,977
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Enterprise, Embedded and Semi-Custom
|
2,022
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2,350
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2,276
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Total net revenue
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$
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6,731
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$
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6,475
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$
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5,253
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Operating income (loss):
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||||||
Computing and Graphics
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$
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577
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$
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470
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$
|
92
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Enterprise, Embedded and Semi-Custom
|
263
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163
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|
132
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All Other
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(209
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)
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|
(182
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)
|
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(97
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)
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Total operating income
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$
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631
|
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$
|
451
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$
|
127
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2019
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2018
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2017
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||||||
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(In millions, except for percentages)
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||||||||||
Cost of sales
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$
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3,863
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$
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4,028
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$
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3,466
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Gross profit
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2,868
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2,447
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|
|
1,787
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Gross margin percentage
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43
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%
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|
38
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%
|
|
34
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%
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|||
Research and development
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1,547
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1,434
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|
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1,196
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|||
Marketing, general and administrative
|
750
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|
562
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|
|
516
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|
|||
Licensing gain
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(60
|
)
|
|
—
|
|
|
(52
|
)
|
|||
Interest expense
|
(94
|
)
|
|
(121
|
)
|
|
(126
|
)
|
|||
Other expense, net
|
(165
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Provision for (benefit from) income taxes
|
31
|
|
|
(9
|
)
|
|
18
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
493
|
|
|
$
|
34
|
|
|
$
|
12
|
|
Investing activities
|
(149
|
)
|
|
(170
|
)
|
|
(54
|
)
|
|||
Financing activities
|
43
|
|
|
28
|
|
|
(33
|
)
|
|||
Net increase (decrease) in cash and cash equivalents, and restricted cash
|
$
|
387
|
|
|
$
|
(108
|
)
|
|
$
|
(75
|
)
|
|
Payment due by period
|
||||||||||||||||||||||||||
(In millions)
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025 and
thereafter |
||||||||||||||
Term debt
|
$
|
563
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251
|
|
Aggregate interest obligation (1)
|
102
|
|
|
30
|
|
|
30
|
|
|
21
|
|
|
6
|
|
|
6
|
|
|
9
|
|
|||||||
Other long-term liabilities (2)
|
155
|
|
|
54
|
|
|
50
|
|
|
48
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|||||||
Operating leases
|
287
|
|
|
54
|
|
|
48
|
|
|
44
|
|
|
37
|
|
|
33
|
|
|
71
|
|
|||||||
Purchase obligations (3)
|
2,290
|
|
|
1,677
|
|
|
592
|
|
|
10
|
|
|
4
|
|
|
2
|
|
|
5
|
|
|||||||
Total contractual obligations (4)
|
$
|
3,397
|
|
|
$
|
1,815
|
|
|
$
|
720
|
|
|
$
|
435
|
|
|
$
|
48
|
|
|
$
|
41
|
|
|
$
|
338
|
|
(1)
|
|
Represents interest obligations, payable in cash, for our outstanding debt.
|
|
|
|
(2)
|
|
Amounts primarily represent future fixed and non-cancellable cash payments associated with software technology and licenses and IP licenses, including the payments due within the next 12 months.
|
|
|
|
(3)
|
|
Represents purchase obligations for goods and services where payments are based, in part, on the volume or type of services we acquire. In those cases, we only included the minimum volume of purchase obligations in the table above. Purchase orders for goods and services that are cancellable upon notice and without significant penalties are not included in the amounts above.
|
|
|
|
(4)
|
|
Total amount excludes contractual obligations already recorded on our consolidated balance sheets except for debt obligations and other liabilities related to software and technology licenses and IP licenses.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025 and thereafter
|
|
Total (1)
|
|
2019
Fair Value (2) |
||||||||||||||||
|
(In millions, except for percentages)
|
||||||||||||||||||||||||||||||
Investment Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate amounts
|
$
|
1,425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,425
|
|
|
$
|
1,425
|
|
Weighted-average rate
|
1.83
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.83
|
%
|
|
|
|||||||||
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate amounts
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
37
|
|
Weighted-average rate
|
2.13
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.13
|
%
|
|
|
|||||||||
Total Investment Portfolio
|
$
|
1,462
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,462
|
|
|
$
|
1,462
|
|
Debt Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate amounts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
$
|
563
|
|
|
$
|
1,823
|
|
Weighted-average
effective interest rate
|
—
|
%
|
|
—
|
%
|
|
7.50
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.125
|
%
|
|
5.10
|
%
|
|
|
|||||||||
Total Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
$
|
563
|
|
|
$
|
1,823
|
|
(1)
|
|
The dollar amounts represent the cost basis of our investment portfolio and the remaining principal of our debt obligations.
|
|
|
|
(2)
|
|
Our 2.125% Notes, included in debt obligations above, were convertible at the option of the holder as of December 28, 2019. The estimated fair value of the 2.125% Notes takes into account the value of our stock price of $46.18 as of December 28, 2019 and the initial conversion price of approximately $8.00 per share of common stock.
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||||||||||||
|
Notional
Amount
|
|
Average
Contract
Rate
|
|
Estimated
Fair Value
Gain (Loss)
|
|
Notional
Amount
|
|
Average
Contract
Rate
|
|
Estimated
Fair Value
Gain (Loss)
|
||||||||||
|
(In millions except contract rates)
|
||||||||||||||||||||
Foreign currency forward contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Chinese Renminbi
|
$
|
277
|
|
|
6.9890
|
|
|
$
|
(1
|
)
|
|
$
|
182
|
|
|
6.5733
|
|
|
$
|
(3
|
)
|
Canadian Dollar
|
249
|
|
|
1.3183
|
|
|
2
|
|
|
110
|
|
|
1.3007
|
|
|
(5
|
)
|
||||
Indian Rupee
|
76
|
|
|
72.9476
|
|
|
—
|
|
|
45
|
|
|
72.2338
|
|
|
—
|
|
||||
Singapore Dollar
|
50
|
|
|
1.3597
|
|
|
—
|
|
|
26
|
|
|
1.3478
|
|
|
—
|
|
||||
Euro
|
48
|
|
|
0.8927
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Taiwan Dollar
|
38
|
|
|
30.1873
|
|
|
—
|
|
|
21
|
|
|
29.6490
|
|
|
—
|
|
||||
Pound Sterling
|
1
|
|
|
0.7614
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Malaysian Ringgit
|
—
|
|
|
4.0889
|
|
|
—
|
|
|
12
|
|
|
4.1775
|
|
|
—
|
|
||||
Total
|
$
|
739
|
|
|
|
|
$
|
2
|
|
|
$
|
396
|
|
|
|
|
$
|
(8
|
)
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Year Ended
|
||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
|
(In millions, except per share amounts)
|
||||||||||
Net revenue
|
$
|
6,731
|
|
|
$
|
6,475
|
|
|
$
|
5,253
|
|
Cost of sales
|
3,863
|
|
|
4,028
|
|
|
3,466
|
|
|||
Gross profit
|
2,868
|
|
|
2,447
|
|
|
1,787
|
|
|||
Research and development
|
1,547
|
|
|
1,434
|
|
|
1,196
|
|
|||
Marketing, general and administrative
|
750
|
|
|
562
|
|
|
516
|
|
|||
Licensing gain
|
(60
|
)
|
|
—
|
|
|
(52
|
)
|
|||
Operating income
|
631
|
|
|
451
|
|
|
127
|
|
|||
Interest expense
|
(94
|
)
|
|
(121
|
)
|
|
(126
|
)
|
|||
Other expense, net
|
(165
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Income (loss) before income taxes and equity loss
|
372
|
|
|
330
|
|
|
(8
|
)
|
|||
Provision for (benefit from) income taxes
|
31
|
|
|
(9
|
)
|
|
18
|
|
|||
Equity loss in investee
|
—
|
|
|
(2
|
)
|
|
(7
|
)
|
|||
Net income (loss)
|
$
|
341
|
|
|
$
|
337
|
|
|
$
|
(33
|
)
|
Earnings (loss) per share
|
|
|
|
|
|
||||||
Basic
|
$
|
0.31
|
|
|
$
|
0.34
|
|
|
$
|
(0.03
|
)
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
(0.03
|
)
|
Shares used in per share calculation
|
|
|
|
|
|
||||||
Basic
|
1,091
|
|
|
982
|
|
|
952
|
|
|||
Diluted
|
1,120
|
|
|
1,064
|
|
|
952
|
|
|
Year Ended
|
||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
|
(In millions)
|
||||||||||
Net income (loss)
|
$
|
341
|
|
|
$
|
337
|
|
|
$
|
(33
|
)
|
Other comprehensive income (loss), net of tax of zero:
|
|
|
|
|
|
||||||
Unrealized gains (losses) on available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains arising during period
|
—
|
|
|
—
|
|
|
1
|
|
|||
Unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during period
|
2
|
|
|
(19
|
)
|
|
17
|
|
|||
Reclassification adjustment for (gains) losses realized and included in net income (loss)
|
6
|
|
|
5
|
|
|
(7
|
)
|
|||
Total change in unrealized gains (losses) on cash flow hedges
|
8
|
|
|
(14
|
)
|
|
10
|
|
|||
Cumulative-effect adjustment to accumulated deficit related to the adoption of ASU 2016-01, Financial Instruments
|
—
|
|
|
2
|
|
|
—
|
|
|||
Total comprehensive income (loss)
|
$
|
349
|
|
|
$
|
325
|
|
|
$
|
(22
|
)
|
|
|
||||||
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions, except par value amounts)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,466
|
|
|
$
|
1,078
|
|
Marketable securities
|
37
|
|
|
78
|
|
||
Accounts receivable, net
|
1,859
|
|
|
1,235
|
|
||
Inventories, net
|
982
|
|
|
845
|
|
||
Prepayment and receivables—related parties
|
20
|
|
|
34
|
|
||
Prepaid expenses and other current assets
|
233
|
|
|
270
|
|
||
Total current assets
|
4,597
|
|
|
3,540
|
|
||
Property and equipment, net
|
500
|
|
|
348
|
|
||
Operating lease right-of-use assets
|
205
|
|
|
—
|
|
||
Goodwill
|
289
|
|
|
289
|
|
||
Investment: equity method
|
58
|
|
|
58
|
|
||
Other assets
|
379
|
|
|
321
|
|
||
Total assets
|
$
|
6,028
|
|
|
$
|
4,556
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt, net
|
$
|
—
|
|
|
$
|
136
|
|
Accounts payable
|
988
|
|
|
834
|
|
||
Payables to related parties
|
213
|
|
|
207
|
|
||
Accrued liabilities
|
1,084
|
|
|
783
|
|
||
Other current liabilities
|
74
|
|
|
24
|
|
||
Total current liabilities
|
2,359
|
|
|
1,984
|
|
||
Long-term debt, net
|
486
|
|
|
1,114
|
|
||
Long-term operating lease liabilities
|
199
|
|
|
—
|
|
||
Other long-term liabilities
|
157
|
|
|
192
|
|
||
Commitments and contingencies (see Notes 17 and 18)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Capital stock:
|
|
|
|
||||
Common stock, par value $0.01; 2,250 shares authorized, 1,175 shares issued and 1,170 shares outstanding as of December 28, 2019; 2,250 shares authorized, 1,010 shares issued and 1,005 shares outstanding as of December 29, 2018
|
12
|
|
|
10
|
|
||
Additional paid-in capital
|
9,963
|
|
|
8,750
|
|
||
Treasury stock, at cost (5 shares as of December 28, 2019 and December 29, 2018)
|
(53
|
)
|
|
(50
|
)
|
||
Accumulated deficit
|
(7,095
|
)
|
|
(7,436
|
)
|
||
Accumulated other comprehensive income (loss)
|
—
|
|
|
(8
|
)
|
||
Total stockholders’ equity
|
2,827
|
|
|
1,266
|
|
||
Total liabilities and stockholders’ equity
|
$
|
6,028
|
|
|
$
|
4,556
|
|
|
|
Year Ended
|
||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
|
(In millions)
|
||||||||||
Capital stock
|
|
|
|
|
|
||||||
Common stock
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
9
|
|
Common stock issued under employee equity
incentive plans, net of tax withholding |
—
|
|
|
1
|
|
|
—
|
|
|||
Issuance of common stock upon warrant exercise
|
1
|
|
|
—
|
|
|
—
|
|
|||
Issuance of common stock to partially settle convertible debt
|
1
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of period
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
9
|
|
Additional paid-in capital
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
8,750
|
|
|
$
|
8,464
|
|
|
$
|
8,334
|
|
Common stock issued under employee equity
incentive plans, net of tax withholding |
74
|
|
|
71
|
|
|
20
|
|
|||
Stock-based compensation
|
197
|
|
|
137
|
|
|
97
|
|
|||
Issuance of common stock upon warrant exercise
|
448
|
|
|
—
|
|
|
—
|
|
|||
Issuance of common stock to partially settle convertible debt, net
|
485
|
|
|
—
|
|
|
—
|
|
|||
Issuance of treasury stock to partially settle debt
|
4
|
|
|
78
|
|
|
13
|
|
|||
Issuance of warrants
|
5
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of period
|
$
|
9,963
|
|
|
$
|
8,750
|
|
|
$
|
8,464
|
|
Treasury stock
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
(50
|
)
|
|
$
|
(108
|
)
|
|
$
|
(119
|
)
|
Purchase of treasury stock for tax withholding
under employee equity incentive plans |
(6
|
)
|
|
(6
|
)
|
|
(13
|
)
|
|||
Issuance of treasury stock to partially settle debt
|
3
|
|
|
64
|
|
|
24
|
|
|||
Balance, end of period
|
$
|
(53
|
)
|
|
$
|
(50
|
)
|
|
$
|
(108
|
)
|
Accumulated deficit
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
(7,436
|
)
|
|
$
|
(7,775
|
)
|
|
$
|
(7,742
|
)
|
Net income (loss)
|
341
|
|
|
337
|
|
|
(33
|
)
|
|||
Cumulative effect adjustment to accumulated
deficit related to the adoption of ASU 2016-01, Financial Instruments |
—
|
|
|
2
|
|
|
—
|
|
|||
Balance, end of period
|
$
|
(7,095
|
)
|
|
$
|
(7,436
|
)
|
|
$
|
(7,775
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
(8
|
)
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
Other comprehensive income (loss)
|
8
|
|
|
(14
|
)
|
|
11
|
|
|||
Balance, end of period
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
6
|
|
Total stockholders' equity
|
$
|
2,827
|
|
|
$
|
1,266
|
|
|
$
|
596
|
|
|
Year Ended
|
||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
|
(In millions)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
341
|
|
|
$
|
337
|
|
|
$
|
(33
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
222
|
|
|
170
|
|
|
144
|
|
|||
Stock-based compensation
|
197
|
|
|
137
|
|
|
97
|
|
|||
Amortization of debt discount and issuance costs
|
30
|
|
|
38
|
|
|
36
|
|
|||
Amortization of operating lease right-of-use assets
|
36
|
|
|
—
|
|
|
—
|
|
|||
Loss on debt redemption, repurchase and conversion
|
176
|
|
|
12
|
|
|
12
|
|
|||
Loss on sale/disposal of property and equipment
|
42
|
|
|
27
|
|
|
—
|
|
|||
Impairment of technology licenses
|
—
|
|
|
45
|
|
|
—
|
|
|||
Deferred income taxes
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|||
Other
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(623
|
)
|
|
(806
|
)
|
|
(103
|
)
|
|||
Inventories
|
(137
|
)
|
|
(151
|
)
|
|
(3
|
)
|
|||
Prepayment and receivables—related parties
|
14
|
|
|
(28
|
)
|
|
(6
|
)
|
|||
Prepaid expenses and other assets
|
(176
|
)
|
|
(70
|
)
|
|
(167
|
)
|
|||
Payables to related parties
|
7
|
|
|
35
|
|
|
43
|
|
|||
Accounts payable, accrued liabilities and other
|
373
|
|
|
293
|
|
|
(8
|
)
|
|||
Net cash provided by operating activities
|
493
|
|
|
34
|
|
|
12
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of available-for-sale debt securities
|
(284
|
)
|
|
(123
|
)
|
|
(222
|
)
|
|||
Purchases of property and equipment
|
(217
|
)
|
|
(163
|
)
|
|
(113
|
)
|
|||
Proceeds from maturity of available-for-sale debt securities
|
325
|
|
|
45
|
|
|
222
|
|
|||
Collection of deferred proceeds on sale of receivables
|
25
|
|
|
71
|
|
|
60
|
|
|||
Other
|
2
|
|
|
—
|
|
|
(1
|
)
|
|||
Net cash used in investing activities
|
(149
|
)
|
|
(170
|
)
|
|
(54
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock through employee equity incentive plans
|
74
|
|
|
70
|
|
|
20
|
|
|||
Proceeds from (repayments of) short-term debt
|
(70
|
)
|
|
—
|
|
|
70
|
|
|||
Proceeds from warrant exercised by related party
|
449
|
|
|
—
|
|
|
—
|
|
|||
Payments to extinguish long-term debt
|
(403
|
)
|
|
(41
|
)
|
|
(110
|
)
|
|||
Other
|
(7
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|||
Net cash provided by (used in) financing activities
|
43
|
|
|
28
|
|
|
(33
|
)
|
|||
Net increase (decrease) in cash and cash equivalents, and restricted cash
|
387
|
|
|
(108
|
)
|
|
(75
|
)
|
|||
Cash, cash equivalents, and restricted cash at beginning of year
|
1,083
|
|
|
1,191
|
|
|
1,266
|
|
|||
Cash, cash equivalents, and restricted cash at end of year
|
$
|
1,470
|
|
|
$
|
1,083
|
|
|
$
|
1,191
|
|
|
Year Ended
|
||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
||||||
|
(In millions)
|
||||||||||
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
67
|
|
|
$
|
79
|
|
|
$
|
88
|
|
Income taxes, net of refund
|
$
|
(4
|
)
|
|
$
|
(8
|
)
|
|
$
|
20
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Purchases of property and equipment, accrued but not paid
|
$
|
65
|
|
|
$
|
49
|
|
|
$
|
50
|
|
Issuance of common stock to partially settle convertible debt
|
$
|
377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Issuance of treasury stock to partially settle debt
|
$
|
7
|
|
|
$
|
141
|
|
|
$
|
38
|
|
Deferred proceeds on sale of receivables
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
21
|
|
Transfer of assets for the acquisition of property and equipment
|
$
|
115
|
|
|
$
|
28
|
|
|
$
|
12
|
|
Other
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Reconciliation of cash, cash equivalents, and restricted cash
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,466
|
|
|
$
|
1,078
|
|
|
$
|
1,185
|
|
Restricted cash included in Other current assets
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
3
|
|
Restricted cash included in Other assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Total cash, cash equivalents, and restricted cash
|
$
|
1,470
|
|
|
$
|
1,083
|
|
|
$
|
1,191
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Raw materials
|
$
|
94
|
|
|
$
|
134
|
|
Work in process
|
691
|
|
|
354
|
|
||
Finished goods
|
197
|
|
|
357
|
|
||
Total inventories, net
|
$
|
982
|
|
|
$
|
845
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Leasehold improvements
|
$
|
203
|
|
|
$
|
179
|
|
Equipment
|
951
|
|
|
798
|
|
||
Construction in progress
|
114
|
|
|
78
|
|
||
Property and equipment, gross
|
1,268
|
|
|
1,055
|
|
||
Accumulated depreciation and amortization
|
(768
|
)
|
|
(707
|
)
|
||
Total property and equipment, net
|
$
|
500
|
|
|
$
|
348
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Software and technology licenses, net
|
$
|
210
|
|
|
$
|
226
|
|
Other
|
169
|
|
|
95
|
|
||
Total other assets
|
$
|
379
|
|
|
$
|
321
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Accrued compensation and benefits
|
$
|
285
|
|
|
$
|
236
|
|
Marketing programs and advertising expenses
|
454
|
|
|
275
|
|
||
Other accrued and current liabilities
|
345
|
|
|
272
|
|
||
Total accrued liabilities
|
$
|
1,084
|
|
|
$
|
783
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Unearned revenue
|
$
|
2
|
|
|
$
|
11
|
|
Operating lease liabilities
|
43
|
|
|
—
|
|
||
Other
|
29
|
|
|
13
|
|
||
Total other current liabilities
|
$
|
74
|
|
|
$
|
24
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Beginning balance
|
$
|
11
|
|
|
$
|
85
|
|
Unearned revenue
|
43
|
|
|
132
|
|
||
Revenue recognized during the period
|
(52
|
)
|
|
(186
|
)
|
||
Other
|
—
|
|
|
(20
|
)
|
||
Ending balance
|
$
|
2
|
|
|
$
|
11
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
6.75% Notes
|
$
|
—
|
|
|
$
|
66
|
|
7.50% Notes
|
312
|
|
|
337
|
|
||
7.00% Notes
|
—
|
|
|
250
|
|
||
2.125% Notes
|
251
|
|
|
805
|
|
||
Secured Revolving Line of Credit
|
—
|
|
|
70
|
|
||
Total debt (principal amount)
|
$
|
563
|
|
|
$
|
1,528
|
|
Unamortized debt discount associated with 2.125% Notes
|
(73
|
)
|
|
(262
|
)
|
||
Unamortized debt issuance costs
|
(4
|
)
|
|
(16
|
)
|
||
Total debt (net)
|
$
|
486
|
|
|
1,250
|
|
|
Less: current portion
|
—
|
|
|
(136
|
)
|
||
Total debt, less current portion
|
$
|
486
|
|
|
$
|
1,114
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Principal
|
$
|
251
|
|
|
$
|
805
|
|
Unamortized debt discount(1)
|
(73
|
)
|
|
(262
|
)
|
||
Unamortized debt issuance costs
|
(3
|
)
|
|
(11
|
)
|
||
Net carrying amount
|
$
|
175
|
|
|
$
|
532
|
|
Carrying amount of the equity component, net(2)
|
$
|
95
|
|
|
$
|
305
|
|
(1)
|
Included in the consolidated balance sheets within Long-term debt, net and amortized over the remaining life of the notes using the effective interest rate method.
|
(2)
|
Included in the consolidated balance sheets within additional paid-in capital, net of $3 million in equity issuance costs.
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Contractual interest expense
|
$
|
15
|
|
|
$
|
17
|
|
Interest cost related to amortization of debt issuance costs
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost related to amortization of the debt discount
|
$
|
22
|
|
|
$
|
24
|
|
|
Term Debt
(Principal only)
|
||
|
(In millions)
|
||
2020
|
$
|
—
|
|
2021
|
—
|
|
|
2022
|
312
|
|
|
2023
|
—
|
|
|
2024
|
—
|
|
|
2025 and thereafter
|
251
|
|
|
Total
|
$
|
563
|
|
|
Total Fair
Value |
|
Cash and
Cash Equivalents |
|
Marketable Securities |
||||||
|
(In millions)
|
||||||||||
December 28, 2019
|
|
|
|
|
|
||||||
Cash
|
$
|
1,465
|
|
|
$
|
1,465
|
|
|
$
|
—
|
|
Level 1(1)
|
|
|
|
|
|
||||||
Government money market funds
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Total level 1
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Level 2(2)
|
|
|
|
|
|
||||||
Commercial paper
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
37
|
|
Total level 2
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
37
|
|
Total
|
$
|
1,503
|
|
|
$
|
1,466
|
|
|
$
|
37
|
|
|
Total Fair
Value |
|
Cash and
Cash Equivalents |
|
Marketable Securities |
||||||
|
(In millions)
|
||||||||||
December 29, 2018
|
|
|
|
|
|
||||||
Cash
|
$
|
315
|
|
|
$
|
315
|
|
|
$
|
—
|
|
Level 1(1)
|
|
|
|
|
|
||||||
Government money market funds
|
$
|
275
|
|
|
$
|
275
|
|
|
$
|
—
|
|
Total level 1
|
$
|
275
|
|
|
$
|
275
|
|
|
$
|
—
|
|
Level 2(2)
|
|
|
|
|
|
||||||
Commercial paper
|
$
|
566
|
|
|
$
|
488
|
|
|
$
|
78
|
|
Total level 2
|
$
|
566
|
|
|
$
|
488
|
|
|
$
|
78
|
|
Total
|
$
|
1,156
|
|
|
$
|
1,078
|
|
|
$
|
78
|
|
(1)
|
|
Level 1 fair value estimates are based on quoted prices for identical instruments in active markets.
|
|
|
|
(2)
|
|
Level 2 fair value estimates are based on quoted prices for identical or comparable instruments in markets that are not active or comparable instruments in active markets.
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
|
(In millions)
|
||||||||||||||
Short-term debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
136
|
|
|
$
|
136
|
|
Long-term debt, net(1)
|
$
|
486
|
|
|
$
|
1,823
|
|
|
$
|
1,114
|
|
|
$
|
2,428
|
|
(1)
|
Carrying amounts of long-term debt are net of unamortized debt issuance costs of $4 million and $16 million as of December 28, 2019 and December 29, 2018, respectively, and net of $73 million and $262 million unamortized debt discount associated with the 2.125% Notes as of December 28, 2019 and December 29, 2018, respectively. The carrying amounts above do not include the equity component related to the conversion feature of the 2.125% Notes of $95 million and $305 million as of December 28, 2019 and December 29, 2018, respectively.
|
|
|
Year Ended
|
||||||||||||||||||||||||
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||||||||||||||||
|
Cost of sales
|
Research and development
|
|
Marketing, general and administrative
|
|
Other expense, net
|
|
Research and development
|
|
Marketing, general and administrative
|
|
Other expense, net
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||
Contracts designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Losses reclassified from AOCI into earnings
|
$
|
(1
|
)
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
Contracts not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Losses recognized in earnings
|
—
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||
Total losses
|
$
|
(1
|
)
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Foreign Currency Forward Contracts - gains (losses)
|
|
|
|
||||
Contracts designated as cash flow hedging instruments - gains
|
$
|
2
|
|
|
$
|
1
|
|
Contracts designated as cash flow hedging instruments - losses
|
$
|
(2
|
)
|
|
$
|
(8
|
)
|
|
Year Ended
|
||||||
|
December 28, 2019
|
|
December 29, 2018
|
||||
|
Unrealized gains (losses) on cash flow hedges
|
|
Unrealized gains (losses) on cash flow hedges
|
||||
|
|
||||||
Beginning balance
|
$
|
(8
|
)
|
|
$
|
6
|
|
Unrealized gain (losses) arising during the period, net of tax of zero
|
2
|
|
|
(19
|
)
|
||
Reclassification adjustment for gains realized and included in net income, net of tax of zero
|
6
|
|
|
5
|
|
||
Total other comprehensive income (loss)
|
8
|
|
|
(14
|
)
|
||
Ending balance
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Numerator-Net income (loss):
|
|
|
|
|
|
||||||
Numerator for basic and diluted earnings per share
|
341
|
|
|
337
|
|
|
(33
|
)
|
|||
Denominator-Weighted average shares:
|
|
|
|
|
|
||||||
Denominator for basic earnings per share
|
1,091
|
|
|
982
|
|
|
952
|
|
|||
Effect of potentially dilutive shares:
|
|
|
|
|
|
||||||
Employee equity incentive plans and warrants
|
29
|
|
|
82
|
|
|
—
|
|
|||
Denominator for diluted earnings per share
|
1,120
|
|
|
1,064
|
|
|
952
|
|
|||
Earnings (loss) per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.31
|
|
|
$
|
0.34
|
|
|
$
|
(0.03
|
)
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
(0.03
|
)
|
|
Year Ended
|
|||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 30,
2017 |
|||
|
(In millions)
|
|||||||
Number of shares
|
|
|
|
|
|
|||
Balance, beginning of period
|
1,005
|
|
|
967
|
|
|
935
|
|
Common stock issued under employee equity
incentive plans, net of tax withholding |
20
|
|
|
31
|
|
|
32
|
|
Issuance of common stock upon warrant exercise
|
75
|
|
|
—
|
|
|
—
|
|
Issuance of common stock to partially settle convertible debt
|
69
|
|
|
—
|
|
|
—
|
|
Issuance of treasury stock to partially settle debt
|
1
|
|
|
7
|
|
|
—
|
|
Balance, end of period
|
1,170
|
|
|
1,005
|
|
|
967
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Cost of sales
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
2
|
|
Research and development
|
129
|
|
|
91
|
|
|
57
|
|
|||
Marketing, general, and administrative
|
62
|
|
|
42
|
|
|
38
|
|
|||
Total stock-based compensation expense, net of tax of $0
|
$
|
197
|
|
|
$
|
137
|
|
|
$
|
97
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected volatility
|
52.60% - 56.51%
|
|
|
51.51% - 60.46%
|
|
|
57.26
|
%
|
Risk-free interest rate
|
1.53% - 2.51%
|
|
|
2.20% - 2.83%
|
|
|
1.68
|
%
|
Expected dividends
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Expected life (in years)
|
3.94 - 3.95
|
|
|
3.92 - 3.94
|
|
|
3.92
|
|
|
Outstanding Number
of Shares |
|
Weighted-
Average
Exercise
Price
|
|
Aggregate Intrinsic Value
|
|
Weighted-Average Remaining Contractual Life
(in years) |
|||||
|
(In millions, except share price)
|
|
|
|||||||||
Balance as of December 29, 2018
|
13
|
|
|
$
|
5.33
|
|
|
|
|
|
||
Granted
|
1
|
|
|
$
|
32.86
|
|
|
|
|
|
||
Canceled
|
(1
|
)
|
|
$
|
17.52
|
|
|
|
|
|
||
Exercised
|
(3
|
)
|
|
$
|
3.74
|
|
|
|
|
|
||
Balance as of December 28, 2019
|
10
|
|
|
$
|
7.56
|
|
|
$
|
226
|
|
|
3.20
|
Exercisable December 28, 2019
|
9
|
|
|
$
|
4.56
|
|
|
$
|
215
|
|
|
2.72
|
|
Number
of Shares
|
|
Weighted-
Average
Fair Value
|
|
Aggregate Intrinsic Value
|
|
Weighted-Average Remaining Contractual Life
(in years)
|
|||||
|
(In millions except share price)
|
|
|
|||||||||
Unvested shares as of December 29, 2018
|
24
|
|
|
$
|
12.86
|
|
|
|
|
|
||
Granted
|
8
|
|
|
$
|
32.52
|
|
|
|
|
|
||
Forfeited
|
(2
|
)
|
|
$
|
16.49
|
|
|
|
|
|
||
Vested
|
(12
|
)
|
|
$
|
10.39
|
|
|
|
|
|
||
Unvested shares as of December 28, 2019
|
18
|
|
|
$
|
22.93
|
|
|
$
|
503
|
|
|
1.19
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected volatility
|
60.54% - 62.52%
|
|
|
63.77% - 67.97%
|
|
|
64.39
|
%
|
Risk-free interest rate
|
1.56% - 2.49%
|
|
|
2.06% - 2.82%
|
|
|
1.50
|
%
|
Expected dividends
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Expected term (in years)
|
2.48 - 5.00
|
|
|
2.48 - 3.00
|
|
|
3.00
|
|
|
Number
of Shares |
|
Weighted-
Average Fair Value |
|
Aggregate Intrinsic Value
|
|
Weighted-Average Remaining Contractual Life
(in years)
|
|||||
|
(In millions except share price)
|
|
|
|||||||||
Unvested shares as of December 29, 2018
|
2
|
|
|
$
|
14.58
|
|
|
|
|
|
||
Granted
|
2
|
|
|
$
|
50.00
|
|
|
|
|
|
||
Forfeited
|
—
|
|
|
$
|
22.39
|
|
|
|
|
|
||
Vested
|
(1
|
)
|
|
$
|
3.60
|
|
|
|
|
|
||
Unvested shares as of December 28, 2019
|
3
|
|
|
$
|
36.13
|
|
|
$
|
90
|
|
|
2.56
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected volatility
|
48.95% - 67.02%
|
|
|
45.88% - 66.66%
|
|
|
56.07
|
%
|
Risk-free interest rate
|
1.58% - 2.46%
|
|
|
2.05% - 2.52%
|
|
|
1.36
|
%
|
Expected dividends
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Expected term (in years)
|
0.50
|
|
|
0.50
|
|
|
0.49
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
U.S.
|
$
|
334
|
|
|
$
|
114
|
|
|
$
|
53
|
|
Non-U.S.
|
38
|
|
|
214
|
|
|
(68
|
)
|
|||
Total pre-tax income (loss) including equity loss in investee
|
$
|
372
|
|
|
$
|
328
|
|
|
$
|
(15
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
U.S. Federal
|
$
|
(13
|
)
|
|
$
|
12
|
|
|
$
|
(3
|
)
|
U.S. State and Local
|
1
|
|
|
—
|
|
|
—
|
|
|||
Non-U.S.
|
50
|
|
|
(17
|
)
|
|
37
|
|
|||
Total
|
38
|
|
|
(5
|
)
|
|
34
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
U.S. Federal
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||
Non-U.S.
|
(7
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|||
Total
|
(7
|
)
|
|
(4
|
)
|
|
(16
|
)
|
|||
Provision for (benefit from) income taxes
|
$
|
31
|
|
|
$
|
(9
|
)
|
|
$
|
18
|
|
|
December 28,
2019 |
|
December 29,
2018
|
||||
|
(In millions)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Net operating loss carryovers
|
$
|
1,455
|
|
|
$
|
1,533
|
|
Accruals and reserves not currently deductible
|
245
|
|
|
123
|
|
||
Acquired intangibles and goodwill
|
45
|
|
|
101
|
|
||
Federal and state tax credit carryovers
|
617
|
|
|
527
|
|
||
Foreign research and development ITC credits
|
429
|
|
|
370
|
|
||
Other
|
159
|
|
|
104
|
|
||
Total deferred tax assets
|
2,950
|
|
|
2,758
|
|
||
Less: valuation allowance
|
(2,743
|
)
|
|
(2,580
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
207
|
|
|
178
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Discount of convertible notes
|
(22
|
)
|
|
(54
|
)
|
||
Undistributed foreign earnings
|
(110
|
)
|
|
(105
|
)
|
||
Other
|
(64
|
)
|
|
(15
|
)
|
||
Total deferred tax liabilities
|
(196
|
)
|
|
(174
|
)
|
||
Net deferred tax assets
|
$
|
11
|
|
|
$
|
4
|
|
|
December 28,
2019 |
|
December 29,
2018
|
||||
|
(In millions)
|
||||||
Deferred tax assets
|
$
|
22
|
|
|
$
|
15
|
|
Deferred tax liabilities
|
(11
|
)
|
|
(11
|
)
|
||
Net deferred tax assets
|
$
|
11
|
|
|
$
|
4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Balance at beginning of year
|
$
|
49
|
|
|
$
|
49
|
|
|
$
|
42
|
|
Increases for tax positions taken in prior years
|
5
|
|
|
1
|
|
|
7
|
|
|||
Decreases for tax positions taken in prior years
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
Increases for tax positions taken in the current year
|
15
|
|
|
3
|
|
|
3
|
|
|||
Decreases for settlements with taxing authorities
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Decreases for lapsing of the statute of limitations
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Balance at end of year
|
$
|
65
|
|
|
$
|
49
|
|
|
$
|
49
|
|
•
|
the Computing and Graphics segment, which primarily includes desktop and notebook processors and chipsets, discrete and integrated graphics processing units (GPUs), data center and professional GPUs and development services. The Company also licenses portions of its IP portfolio.
|
•
|
the Enterprise, Embedded and Semi-Custom segment, which primarily includes server and embedded processors, semi-custom System-on-Chip (SoC) products, development services and technology for game consoles. The Company also licenses portions of its IP portfolio.
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Net revenue:
|
|
|
|
|
|
||||||
Computing and Graphics
|
$
|
4,709
|
|
|
$
|
4,125
|
|
|
$
|
2,977
|
|
Enterprise, Embedded and Semi-Custom
|
2,022
|
|
|
2,350
|
|
|
2,276
|
|
|||
Total net revenue
|
$
|
6,731
|
|
|
$
|
6,475
|
|
|
$
|
5,253
|
|
Operating income (loss):
|
|
|
|
|
|
||||||
Computing and Graphics
|
$
|
577
|
|
|
$
|
470
|
|
|
$
|
92
|
|
Enterprise, Embedded and Semi-Custom
|
263
|
|
|
163
|
|
|
132
|
|
|||
All Other
|
(209
|
)
|
|
(182
|
)
|
|
(97
|
)
|
|||
Total operating income
|
$
|
631
|
|
|
$
|
451
|
|
|
$
|
127
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Operating loss:
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
$
|
(197
|
)
|
|
$
|
(137
|
)
|
|
$
|
(97
|
)
|
Impairment of technology licenses
|
—
|
|
|
(45
|
)
|
|
—
|
|
|||
Loss contingency on legal matter
|
(12
|
)
|
|
—
|
|
|
—
|
|
|||
Total operating loss
|
$
|
(209
|
)
|
|
$
|
(182
|
)
|
|
$
|
(97
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
United States
|
$
|
1,764
|
|
|
$
|
1,327
|
|
|
$
|
1,360
|
|
China (including Hong Kong)
|
1,736
|
|
|
1,319
|
|
|
974
|
|
|||
Japan
|
840
|
|
|
1,225
|
|
|
1,215
|
|
|||
Europe
|
762
|
|
|
470
|
|
|
263
|
|
|||
Taiwan
|
719
|
|
|
1,197
|
|
|
738
|
|
|||
Singapore
|
597
|
|
|
728
|
|
|
550
|
|
|||
Other countries
|
313
|
|
|
209
|
|
|
153
|
|
|||
Total sales to external customers
|
$
|
6,731
|
|
|
$
|
6,475
|
|
|
$
|
5,253
|
|
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
United States
|
$
|
300
|
|
|
$
|
232
|
|
Canada
|
99
|
|
|
51
|
|
||
China
|
36
|
|
|
17
|
|
||
Singapore
|
33
|
|
|
29
|
|
||
Other countries
|
32
|
|
|
19
|
|
||
Total property and equipment, net
|
$
|
500
|
|
|
$
|
348
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Customer A
|
12
|
%
|
|
19
|
%
|
|
23
|
%
|
Customer B
|
*
|
|
|
11
|
%
|
|
15
|
%
|
*
|
|
Less than 10%
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In millions)
|
||||||||||
Interest income
|
$
|
15
|
|
|
$
|
18
|
|
|
$
|
6
|
|
Gain on sale of 85% ATMP JV
|
—
|
|
|
—
|
|
|
3
|
|
|||
Loss on debt redemption, repurchase and conversion
|
(176
|
)
|
|
(12
|
)
|
|
(12
|
)
|
|||
Other
|
(4
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|||
Other expense, net
|
$
|
(165
|
)
|
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
December 28,
2019 |
|
Weighted-average remaining lease term – operating leases
|
6.26 years
|
|
Weighted-average discount rate – operating leases
|
5.55
|
%
|
Year
|
(In millions)
|
||
2020
|
$
|
54
|
|
2021
|
48
|
|
|
2022
|
44
|
|
|
2023
|
37
|
|
|
2024
|
33
|
|
|
2025 and thereafter
|
71
|
|
|
Total minimum lease payments
|
287
|
|
|
Less: interest
|
(45
|
)
|
|
Present value of net minimum lease payments
|
242
|
|
|
Less: current portion
|
(43
|
)
|
|
Total long-term operating lease liabilities
|
$
|
199
|
|
Year
|
(In millions)
|
||
2020
|
$
|
1,731
|
|
2021
|
642
|
|
|
2022
|
58
|
|
|
2023
|
5
|
|
|
2024
|
2
|
|
|
2025 and thereafter
|
7
|
|
|
Total unconditional purchase commitments
|
$
|
2,445
|
|
|
December 28,
2019 |
|
December 29,
2018 |
||||
|
(In millions)
|
||||||
Beginning balance
|
$
|
13
|
|
|
$
|
12
|
|
New warranties issued during the period
|
31
|
|
|
27
|
|
||
Settlements during the period
|
(29
|
)
|
|
(28
|
)
|
||
Changes in liability for pre-existing warranties during the period, including expirations
|
—
|
|
|
2
|
|
||
Ending balance
|
$
|
15
|
|
|
$
|
13
|
|
|
Inventory Valuation
|
Description of the Matter
|
At December 28, 2019, the Company’s net inventory balance was $982 million. As discussed in Note 2 of the consolidated financial statements, the Company adjusts the inventory carrying value to the lower of actual cost or the estimated net realizable value after completing ongoing reviews of on-hand inventory quantities in excess of forecasted demand, by considering recent historical activity as well as anticipated or forecasted demand.
Auditing management’s inventory carrying value adjustments involved significant judgment because the estimates are based on a number of factors that are affected by market, industry, and competitive conditions outside the Company's control. In particular, in estimating inventory carrying value adjustments, management developed assumptions such as forecasts of future sales quantities and the selling prices, which are sensitive to the competitiveness of product offerings, customer requirements, and product life cycles. These significant assumptions are forward-looking and could be affected by future economic and market conditions.
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company's inventory carrying value adjustment determination process, including the basis for developing above described assumptions and management’s judgments.
Our audit procedures included, among others, testing the reasonableness of management’s key assumptions and judgments and testing the accuracy and completeness of the underlying data used to determine the amount of inventory carrying value adjustments. For instance, we compared the quantities and carrying value of on-hand inventories to related unit sales, both historical and forecasted, assessed the reasonableness of management’s estimates of future sales prices by analyzing historical sales and evaluating any factors that may impact sales prices, and evaluated the appropriateness and adequacy of management’s adjustments to such sales forecasts by analyzing potential technological changes in line with product life cycles and/or identified alternative customer uses. We also assessed the accuracy of forecasts underlying management's estimates by comparing management’s historical forecasts to actual results, evaluated industry and market factors and performed sensitivity analyses over the significant assumptions used by management to evaluate necessary changes in the inventory carrying value adjustments.
|
|
(In millions, except per share amounts)
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
|
Dec. 28
|
|
Sep. 28
|
|
June 29
|
|
Mar. 30
|
|
Dec. 29
|
|
Sep. 29
|
|
June 30
|
|
Mar. 31
|
||||||||||||||||
Net revenue
|
$
|
2,127
|
|
|
$
|
1,801
|
|
|
$
|
1,531
|
|
|
$
|
1,272
|
|
|
$
|
1,419
|
|
|
$
|
1,653
|
|
|
$
|
1,756
|
|
|
$
|
1,647
|
|
Cost of sales
|
1,178
|
|
|
1,024
|
|
|
910
|
|
|
751
|
|
|
882
|
|
|
992
|
|
|
1,104
|
|
|
1,050
|
|
||||||||
Gross margin
|
949
|
|
|
777
|
|
|
621
|
|
|
521
|
|
|
537
|
|
|
661
|
|
|
652
|
|
|
597
|
|
||||||||
Research and development
|
395
|
|
|
406
|
|
|
373
|
|
|
373
|
|
|
371
|
|
|
363
|
|
|
357
|
|
|
343
|
|
||||||||
Marketing, general and administrative
|
206
|
|
|
185
|
|
|
189
|
|
|
170
|
|
|
138
|
|
|
148
|
|
|
142
|
|
|
134
|
|
||||||||
Licensing gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Operating income
|
348
|
|
|
186
|
|
|
59
|
|
|
38
|
|
|
28
|
|
|
150
|
|
|
153
|
|
|
120
|
|
||||||||
Interest expense
|
(18
|
)
|
|
(24
|
)
|
|
(25
|
)
|
|
(27
|
)
|
|
(29
|
)
|
|
(30
|
)
|
|
(31
|
)
|
|
(31
|
)
|
||||||||
Other income (expense), net
|
(125
|
)
|
|
(36
|
)
|
|
3
|
|
|
(7
|
)
|
|
4
|
|
|
(6
|
)
|
|
1
|
|
|
1
|
|
||||||||
Income before income taxes
|
205
|
|
|
126
|
|
|
37
|
|
|
4
|
|
|
3
|
|
|
114
|
|
|
123
|
|
|
90
|
|
||||||||
Provision for (benefit from) income taxes
|
35
|
|
|
7
|
|
|
2
|
|
|
(13
|
)
|
|
(35
|
)
|
|
12
|
|
|
6
|
|
|
8
|
|
||||||||
Equity loss in investee
|
—
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Net income
|
$
|
170
|
|
|
$
|
120
|
|
|
$
|
35
|
|
|
$
|
16
|
|
|
$
|
38
|
|
|
$
|
102
|
|
|
$
|
116
|
|
|
$
|
81
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
$
|
0.08
|
|
Diluted
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.09
|
|
|
$
|
0.11
|
|
|
$
|
0.08
|
|
Shares used in per share calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
1,140
|
|
|
1,097
|
|
|
1,084
|
|
|
1,044
|
|
|
1,002
|
|
|
987
|
|
|
972
|
|
|
968
|
|
||||||||
Diluted
|
1,188
|
|
|
1,117
|
|
|
1,109
|
|
|
1,094
|
|
|
1,079
|
|
|
1,076
|
|
|
1,147
|
|
|
1,039
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
Exhibit
|
Description of Exhibits
|
||||
|
|
|
|||
|
3.1
|
|
|
||
|
|
|
|
||
|
3.2
|
|
|
||
|
|
|
|
||
|
4.1
|
|
|
||
|
|
|
|
||
|
4.2
|
|
|
||
|
|
|
|
||
|
4.3
|
|
|
||
|
|
|
|
||
|
4.4
|
|
|
||
|
|
|
|
||
|
4.5
|
|
|
||
|
|
|
|
||
|
*10.1
|
|
|
||
|
|
|
|
||
|
*10.2
|
|
|
||
|
|
|
|
||
|
*10.3
|
|
|
||
|
|
|
|
||
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*10.4
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||
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*10.5
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*10.6
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*10.7
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*10.8
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*10.9
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*10.10
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*10.11
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**10.12
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**10.13
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**10.14
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**10.15
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10.16
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**10.17
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10.18
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10.19
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10.20
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**10.21
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*10.22
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*10.23
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*10.24
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*10.25
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*10.26
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*10.27
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10.28
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**10.29
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*10.30
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*10.31
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*10.32
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**10.33
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*10.34
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*10.35
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*10.36
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*10.37
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*10.38
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*10.39
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*10.40
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*10.41
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*10.42
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*10.43
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*10.44
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*10.45
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*10.46
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*10.47
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*10.48
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**10.49
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*10.50
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*10.51
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10.52
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*10.53
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*10.54
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*10.55
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*10.56
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*10.57
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*10.58
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*10.59
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21
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23
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24
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31.1
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31.2
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32.1
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32.2
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101.INS
|
|
|
XBRL Instance Document -the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
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101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
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101.DEF
|
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|
XBRL Taxonomy Extension Definition Linkbase Document
|
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101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
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101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
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|
104
|
|
|
Cover Page Interactive Data File -the Cover Page Interactive Data File does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
ITEM 16.
|
FORM 10-K SUMMARY
|
February 4, 2020
|
ADVANCED MICRO DEVICES, INC.
|
|
|
|
|
|
By:
|
/s/Devinder Kumar
|
|
|
Devinder Kumar
|
|
|
Senior Vice President, Chief Financial Officer, and Treasurer
|
*By:
|
/s/Devinder Kumar
|
|
Devinder Kumar, Attorney-in-Fact
|
|
•
|
|
any breach of the director’s or officer’s duty of loyalty to AMD or its stockholders;
|
|
•
|
|
any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
|
|
•
|
|
unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; or
|
|
•
|
|
any transaction from which the director or officer derived an improper personal benefit.
|
|
|
|
Domestic Subsidiaries
|
|
State or Jurisdiction Which Incorporated or Organized
|
Advanced Micro Ltd.*
|
|
California
|
AMD Corporation
|
|
California
|
HiAlgo Inc.
|
|
California
|
AMD Advanced Research LLC
|
|
Delaware
|
AMD (EMEA) LTD.
|
|
Delaware
|
AMD Far East Ltd.
|
|
Delaware
|
AMD International Sales & Service, Ltd.
|
|
Delaware
|
AMD Latin America Ltd.
|
|
Delaware
|
SeaMicro, Inc.
|
|
Delaware
|
|
|
|
Foreign Subsidiaries
|
|
|
ATI International SRL(1)
|
|
Barbados
|
ATI Technologies (Bermuda) Limited (1)
|
|
Bermuda
|
Advanced Micro Devices Belgium N.V.(2)
|
|
Belgium
|
AMD South America LTDA(3)
|
|
Brazil
|
1252986 Alberta ULC
|
|
Canada
|
ATI Technologies ULC (4)
|
|
Canada
|
Advanced Micro Devices (China) Co. Ltd.
|
|
China
|
Advanced Micro Devices (Shanghai) Co. Ltd.(5)
|
|
China
|
Advanced Micro Devices Products (China) Co., Ltd (5)
|
|
China
|
Chengdu Haiguang Microelectronics Technology Co., Ltd. (6)
|
|
China
|
Advanced Micro Devices S.A.S.
|
|
France
|
Advanced Micro Devices GmbH
|
|
Germany
|
AMD India Private Limited (7)
|
|
India
|
AMD Advanced Micro Devices Israel Ltd.**
|
|
Israel
|
Advanced Micro Devices S.p.A.
|
|
Italy
|
AMD Japan Ltd.
|
|
Japan
|
Advanced Micro Devices Sdn. Bhd.
|
|
Malaysia
|
Advanced Micro Devices Global Services (M) Sdn. Bhd.
|
|
Malaysia
|
ATI Technologies (L) Inc. (8)
|
|
Malaysia
|
Advanced Micro Devices Malaysia Ltd. (9)
|
|
Malaysia
|
Advanced Micro Devices (Singapore) Pte. Ltd.
|
|
Singapore
|
Advanced Micro Devices, AB
|
|
Sweden
|
Advanced Micro Devices (U.K.) Limited
|
|
United Kingdom
|
(*)
|
Inactive
|
(**)
|
In the process of being dissolved
|
(1)
|
100% owned by ATI Technologies ULC
|
(2)
|
99.9952% owned by Advanced Micro Devices, Inc., 0.0048% owned by AMD International Sales & Service, Ltd.
|
(3)
|
99.9% owned by AMD International Sales & Service, Ltd., 0.1% owned by AMD Far East Ltd.
|
(4)
|
Subsidiary of 1252986 Alberta ULC
|
(5)
|
Subsidiary of Advanced Micro Devices (China) Co. Ltd.
|
(6)
|
51% owned by Advanced Micro Devices, Inc.
|
(7)
|
47.18% owned by ATI Technologies ULC, 52.82% owned by Advanced Micro Devices, Inc., less than 0.01% owned by 1252986 Alberta ULC and AMD Far East Ltd.
|
(8)
|
Subsidiary of ATI Technologies (Bermuda) Limited
|
(9)
|
Subsidiary of ATI Technologies (L) Inc.
|
•
|
Registration Statement on Form S-8 (No. 333-159367) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan;
|
•
|
Registration Statement on Form S-8 (No. 333- 166616) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan;
|
•
|
Registration Statement on Form S-8 (No. 333-115474) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan;
|
•
|
Registration Statement on Form S-8 (No. 333-180320) pertaining to SeaMicro, Inc. Amended and Restated 2007 Equity Incentive Plan; and
|
•
|
Registration Statement on Form S-8 (No. 333-181451) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan;
|
•
|
Registration Statement on Form S-8 (No. 333- 190039) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan.
|
•
|
Registration Statement on Form S-8 (No. 333-195984) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan
|
•
|
Registration Statement on Form S-8 (No. 333- 204166) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan
|
•
|
Registration Statement on Form S-8 (No. 333-211438) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan
|
•
|
Post-Effective Amendment No. 1 to Registration Statement on Form S-8 (No. 333-204166) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan
|
•
|
Registration Statement on Form S-8 (No. 333-217784) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan and 2017 Employee Stock Purchase Plan
|
•
|
Registration Statement on Form S-8 (No. 333-232922) pertaining to the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
|
|
|
||
|
|
|
||
/s/Lisa T. Su
|
|
President and Chief Executive Officer, Director
|
|
February 4, 2020
|
Lisa T. Su
|
|
|
|
|
|
|
|
||
|
|
|
||
|
|
|
||
/s/Devinder Kumar
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
|
February 4, 2020
|
Devinder Kumar
|
|
|
|
|
|
|
|
||
|
|
|
||
|
|
|
||
/s/Darla Smith
|
Corporate Vice President, Chief Accounting Officer
|
|
February 4, 2020
|
|
Darla Smith
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/John E. Caldwell
|
|
Director, Chairman of the Board
|
|
February 1, 2020
|
John E. Caldwell
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/Nora M. Denzel
|
|
Director
|
|
January 31, 2020
|
Nora M. Denzel
|
|
|
|
|
|
|
|
||
|
|
|
||
|
|
|
|
|
/s/Dermot Mark Durcan
|
|
Director
|
|
February 3, 2020
|
Dermot Mark Durcan
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
/s/Joseph A. Householder
|
|
Director
|
|
February 1, 2020
|
Joseph A. Householder
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/Michael P. Gregoire
|
|
Director
|
|
February 1, 2020
|
Michael P. Gregoire
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/John W. Marren
|
|
Director
|
|
February 3, 2020
|
John W. Marren
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/Abhi Y. Talwalkar
|
|
Director
|
|
January 31, 2020
|
Abhi Y. Talwalkar
|
|
|
|
|
Date: February 4, 2020
|
|
|
|
/s/Lisa T. Su
|
|
|
Lisa T. Su
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date: February 4, 2020
|
|
|
|
/s/Devinder Kumar
|
|
|
Devinder Kumar
Senior Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|
(i.)
|
the Annual Report on Form 10-K of the Company for the period ended December 28, 2019 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
(ii.)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 4, 2020
|
|
|
|
/s/Lisa T. Su
|
|
|
Lisa T. Su
President and Chief Executive Officer
(Principal Executive Officer)
|
|
(i.)
|
the Annual Report on Form 10-K of the Company for the period ended December 28, 2019 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
(ii.)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 4, 2020
|
|
|
|
/s/Devinder Kumar
|
|
|
Devinder Kumar
Senior Vice President,
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
|